The lighting fixture market comprises manufacturers that are involved in the production and sales of lighting and other luminaires for indoor and outdoor applications. Lighting fixtures include residential lighting, commercial lighting, industrial lighting, outdoor lighting and others. With increasing urbanization and construction projects, the demand for lighting fixtures is growing in residential, commercial and industrial buildings. Light fixtures are used to decorate the interiors and provide bright illumination to perform various activities. Moreover, with technological advancements more energy efficient lighting solutions like LED bulbs and lamps have gained popularity.

The global lighting fixture market is estimated to be valued at US$ 265.12 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing construction sector projects is one of the major drivers fueling the growth of the lighting fixture market. Rapid urbanization and expansion of building infrastructure across both developed and developing economies is generating demand for lighting fixtures in residential, commercial and industrial buildings. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to USD 15.5 trillion by 2030. This expansion in construction projects for residential, commercial and infrastructure sectors will propel the demand for various lighting solutions. Moreover, implementation of favorable government policies and regulations regarding use of energy efficient lighting systems is further augmenting the market growth.

The other driver is technological advancements. Manufacturers are continuously investing in research and development to develop innovative and energy saving lighting solutions like LED, OLED and other smart lighting systems. Integration of IoT technologies with lighting fixtures allows remote monitoring and control of lighting infrastructure which is appealing to many end users. Such product innovations are expanding the application areas of lighting fixtures which is positively impacting the market growth over the forecast period.

SWOT Analysis

Strength: Lighting fixture market has strong growth prospects as demand for energy efficient lighting is increasing. Replacement of traditional lighting with LED lights saves substantial energy costs which gives competitive advantage to companies in this market. Product innovations such as smart lighting fixtures which can be controlled through apps provide added features attracting more customers.

Weakness: High initial investment is required to set up manufacturing facilities for lighting fixtures. Frequent technological advancements lead to quick product obsolescence raising challenges for companies. Fluctuating prices of raw materials like copper, aluminum can impact production costs.

Opportunity: Rising awareness about green buildings and smart homes presents opportunities for companies to introduce green and smart lighting solutions. Rapid urbanization in developing nations driving demand for infrastructure developments increasing commercial construction activities. Governments promoting energy efficient lighting through incentives and rebates augment market growth.

Threats: Threat of substitutes from other renewable energy sources that can be used for lighting purposes. Intense competition from local and international players may lead to price wars affecting margins. Strict environment regulations and quality standards set by different countries pose compliance challenges.

Key Takeaways

The global Lighting Fixture Market Growth is expected to witness high growth. It is projected to grow at a CAGR of 13% during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 265.12 Billion by 2023.

Regional analysis: Asia Pacific region dominates the lighting fixture market currently owing to rapid infrastructure growth and rising construction activities in China and India. China accounts for over 30% share of global lighting fixture production. North America and Europe are other major regional markets driven by governmental initiatives to replace traditional lights with energy efficient LED lights.

Key players: Key players operating in the lighting fixture market are Illumina, Inc., F. Hoffmann-La Roche Ltd, PerkinElmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation and Thermo Fisher Scientific. These companies are focusing on developing smart and connected lighting solutions through partnerships and acquisitions to strengthen their market position. Standard BioTools is a new entrant providing solution for bioluminescent assays.

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